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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: March 31, 2022
Or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ________________ to ________________
Commission file number: 001-13221
Cullen/Frost Bankers, Inc.
(Exact name of registrant as specified in its charter)
Texas74-1751768
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
111 W. Houston Street,San Antonio,Texas78205
(Address of principal executive offices)(Zip code)
(210)220-4011
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on
which registered
Common Stock, $.01 Par ValueCFRNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 4.450% Non-Cumulative Perpetual Preferred Stock, Series BCFR.PrBNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of April 21, 2022 there were 64,097,017 shares of the registrant’s Common Stock, $.01 par value, outstanding.



Cullen/Frost Bankers, Inc.
Quarterly Report on Form 10-Q
March 31, 2022
Table of Contents
 Page
Item 1.
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Cullen/Frost Bankers, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
March 31,
2022
December 31,
2021
Assets:
Cash and due from banks$772,095 $555,778 
Interest-bearing deposits13,684,988 15,985,244 
Federal funds sold 34,075 
Resell agreements 7,903 
Total cash and cash equivalents14,457,083 16,583,000 
Securities held to maturity, net of allowance for credit losses of $158 at March 31, 2022 and $158 at December 31, 2021
1,665,465 1,749,179 
Securities available for sale, at estimated fair value16,184,539 13,924,628 
Trading account securities29,518 25,162 
Loans, net of unearned discounts16,542,537 16,336,397 
Less: Allowance for credit losses on loans(246,835)(248,666)
Net loans16,295,702 16,087,731 
Premises and equipment, net1,046,410 1,050,331 
Goodwill654,952 654,952 
Other intangible assets, net720 866 
Cash surrender value of life insurance policies189,471 190,139 
Accrued interest receivable and other assets772,191 612,502 
Total assets$51,296,051 $50,878,490 
Liabilities:
Deposits:
Non-interest-bearing demand deposits$18,114,430 $18,423,018 
Interest-bearing deposits26,316,499 24,272,678 
Total deposits44,430,929 42,695,696 
Federal funds purchased35,200 25,925 
Repurchase agreements1,842,618 2,740,799 
Junior subordinated deferrable interest debentures, net of unamortized issuance costs123,026 123,011 
Subordinated notes, net of unamortized issuance costs99,217 99,178 
Accrued interest payable and other liabilities988,769 754,326 
Total liabilities47,519,759 46,438,935 
Shareholders’ Equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued at March 31, 2022 and December 31, 2021
145,452 145,452 
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,236,306 shares issued at March 31, 2022 and December 31, 2021
642 642 
Additional paid-in capital1,012,033 1,009,921 
Retained earnings3,002,642 2,956,966 
Accumulated other comprehensive income (loss), net of tax(371,790)347,318 
Treasury stock, at cost; 142,099 shares at March 31, 2022 and 250,070 shares at December 31, 2021
(12,687)(20,744)
Total shareholders’ equity3,776,292 4,439,555 
Total liabilities and shareholders’ equity$51,296,051 $50,878,490 
See Notes to Consolidated Financial Statements.

3

Cullen/Frost Bankers, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
20222021
Interest income:
Loans, including fees$149,977 $167,483 
Securities:
Taxable43,058 20,028 
Tax-exempt56,866 56,663 
Interest-bearing deposits6,343 2,433 
Federal funds sold13 3 
Resell agreements4 1 
Total interest income256,261 246,611 
Interest expense:
Deposits4,912 3,517 
Federal funds purchased12 8 
Repurchase agreements518 395 
Junior subordinated deferrable interest debentures584 646 
Subordinated notes1,164 1,164 
Total interest expense7,190 5,730 
Net interest income249,071 240,881 
Credit loss expense 63 
Net interest income after credit loss expense249,071 240,818 
Non-interest income:
Trust and investment management fees38,656 35,314 
Service charges on deposit accounts22,740 19,993 
Insurance commissions and fees16,608 17,313 
Interchange and card transaction fees4,226 4,093 
Other charges, commissions and fees9,627 8,304 
Net gain (loss) on securities transactions  
Other9,533 8,219 
Total non-interest income101,390 93,236 
Non-interest expense:
Salaries and wages111,329 93,458 
Employee benefits24,220 22,536 
Net occupancy27,411 26,051 
Technology, furniture and equipment29,157 28,016 
Deposit insurance3,633 2,928 
Intangible amortization146 202 
Other42,836 36,951 
Total non-interest expense238,732 210,142 
Income before income taxes111,729 123,912 
Income taxes12,627 7,897 
Net income99,102 116,015 
Preferred stock dividends1,669 2,151 
Net income available to common shareholders$97,433 $113,864 
Earnings per common share:
Basic$1.51 $1.78 
Diluted1.50 1.77 
See Notes to Consolidated Financial Statements.
4

Cullen/Frost Bankers, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Dollars in thousands)
Three Months Ended
March 31,
20222021
Net income$99,102 $116,015 
Other comprehensive income (loss), before tax:
Securities available for sale and transferred securities:
Change in net unrealized gain/loss during the period(910,795)(159,779)
Change in net unrealized gain on securities transferred to held to maturity(209)(259)
Reclassification adjustment for net (gains) losses included in net income  
Total securities available for sale and transferred securities(911,004)(160,038)
Defined-benefit post-retirement benefit plans:
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)741 1,529 
Total defined-benefit post-retirement benefit plans741 1,529 
Other comprehensive income (loss), before tax(910,263)(158,509)
Deferred tax expense (benefit)
(191,155)(33,287)
Other comprehensive income (loss), net of tax(719,108)(125,222)
Comprehensive income (loss)$(620,006)$(9,207)
See Notes to Consolidated Financial Statements.
5

Cullen/Frost Bankers, Inc.
Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in thousands, except per share amounts)
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Treasury
Stock
Total
Three months ended:
March 31, 2022
Balance at beginning of period$145,452 $642 $1,009,921 $2,956,966 $347,318 $(20,744)$4,439,555 
Net income— — — 99,102 — — 99,102 
Other comprehensive income (loss), net of tax— — — — (719,108)— (719,108)
Stock option exercises/stock unit conversions (115,430 shares)
— — — (3,314)— 9,053 5,739 
Stock-based compensation expense recognized in earnings— — 2,112 — — — 2,112 
Purchase of treasury stock (7,459 shares)
— — — — — (996)(996)
Cash dividends – Series B preferred stock (approximately $11.13 per share which is equivalent to approximately $0.28 per depositary share)
— — — (1,669)— — (1,669)
Cash dividends – common stock ($0.75 per share)
— — — (48,443)— — (48,443)
Balance at end of period$145,452 $642 $1,012,033 $3,002,642 $(371,790)$(12,687)$3,776,292 
March 31, 2021
Balance at beginning of period$145,452 $642 $997,168 $2,750,723 $512,970 $(113,939)$4,293,016 
Net income— — — 116,015 — — 116,015 
Other comprehensive income (loss), net of tax— — — — (125,222)— (125,222)
Stock option exercises/stock unit conversions (513,824 shares)
— — — (21,342)— 50,739 29,397 
Stock-based compensation expense recognized in earnings— — 2,526 — — — 2,526 
Purchase of treasury stock (11,625 shares)
— — — — — (1,288)(1,288)
Treasury stock issued to the 401(k) stock purchase plan (18,555 shares)
— — — (57)— 1,806 1,749 
Cash dividends – Series B preferred stock (approximately $14.34 per share which is equivalent to approximately $0.36 per depositary share)
— — — (2,151)— — (2,151)
Cash dividends – common stock ($0.72 per share)
— — — (46,124)— — (46,124)
Balance at end of period$145,452 $642 $999,694 $2,797,064 $387,748 $(62,682)$4,267,918 
See accompanying Notes to Consolidated Financial Statements


6

Cullen/Frost Bankers, Inc.
Consolidated Statements of Cash Flows
(Dollars in thousands)
Three Months Ended
March 31,
20222021
Operating Activities:
Net income$99,102 $116,015 
Adjustments to reconcile net income to net cash from operating activities:
Credit loss expense 63 
Deferred tax expense (benefit)(432)4,172 
Accretion of loan discounts(2,945)(3,425)
Securities premium amortization (discount accretion), net27,654 30,598 
Net (gain) loss on securities transactions  
Depreciation and amortization17,551 16,941 
Net (gain) loss on sale/write-down of assets/foreclosed assets130 (134)
Stock-based compensation2,112 2,526 
Net tax benefit from stock-based compensation1,244 3,136 
Earnings on life insurance policies(533)(740)
Net change in:
Trading account securities139 (2,153)
Lease right-of-use assets5,970 5,889 
Accrued interest receivable and other assets(55,232)73,164 
Accrued interest payable and other liabilities238,065 (26,287)
Net cash from operating activities332,825 219,765 
Investing Activities:
Securities held to maturity:
Purchases(31,545) 
Maturities, calls and principal repayments111,211 120,029 
Securities available for sale:
Purchases(3,356,279)(455,091)
Sales  
Maturities, calls and principal repayments236,032 351,612 
Net change in loans(209,490)(406,836)
Benefits received on life insurance policies1,201 968 
Proceeds from sales of premises and equipment1 3 
Purchases of premises and equipment(12,374)(12,814)
Proceeds from sales of repossessed properties1,543 100 
Net cash from investing activities(3,259,700)(402,029)
Financing Activities:
Net change in deposits1,735,233 1,909,419 
Net change in short-term borrowings(888,906)(193,573)
Proceeds from stock option exercises5,739 29,397 
Purchase of treasury stock(996)(1,288)
Cash dividends paid on preferred stock(1,669)(2,151)
Cash dividends paid on common stock(48,443)(46,124)
Net cash from financing activities800,958 1,695,680 
Net change in cash and cash equivalents(2,125,917)1,513,416 
Cash and cash equivalents at beginning of period16,583,000 10,288,853 
Cash and cash equivalents at end of period$14,457,083 $11,802,269 

See Notes to Consolidated Financial Statements.
7

Notes to Consolidated Financial Statements
(Table amounts in thousands, except for share and per share amounts)
Note 1 - Significant Accounting Policies
Nature of Operations. Cullen/Frost Bankers, Inc. (“Cullen/Frost”) is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms “Cullen/Frost,” “the Corporation,” “we,” “us” and “our” mean Cullen/Frost Bankers, Inc. and its subsidiaries, when appropriate. In addition to general commercial and consumer banking, other products and services offered include trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing.
Basis of Presentation. The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of Cullen/Frost and all other entities in which Cullen/Frost has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies we follow conform, in all material respects, to accounting principles generally accepted in the United States and to general practices within the financial services industry.
The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2021, included in our Annual Report on Form 10-K filed with the SEC on February 4, 2022 (the “2021 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses and the fair values of financial instruments and the status of contingencies are particularly subject to change.
Cash Flow Reporting. Additional cash flow information was as follows:
Three Months Ended
March 31,
20222021
Cash paid for interest$8,069 $9,719 
Cash paid for income taxes  
Significant non-cash transactions:
Unsettled securities transactions78,769 21,957 
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities4,013 1,326 
Treasury stock issued to 401(k) stock purchase plan 1,749 
Accounting Changes, Reclassifications and Restatements. Certain items in prior financial statements have been reclassified to conform to the current presentation.
8

Note 2 - Securities
Securities - Held to Maturity. A summary of the amortized cost, fair value and allowance for credit losses related to securities held to maturity as of March 31, 2022 and December 31, 2021 is presented below.
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Allowance
for Credit
Losses
Net
Carrying
Amount
March 31, 2022
Residential mortgage-backed securities
$526,969 $ $17,519 $509,450 $ $526,969 
States and political subdivisions
1,137,154 3,622 11,717 1,129,059 (158)1,136,996 
Other1,500  16 1,484  1,500 
Total$1,665,623 $3,622 $29,252 $1,639,993 $(158)$1,665,465 
December 31, 2021
Residential mortgage-backed securities
$527,264 $18,766 $ $546,030 $ $527,264 
States and political subdivisions
1,220,573 41,141 101 1,261,613 (158)1,220,415 
Other1,500   1,500  1,500 
Total$1,749,337 $59,907 $101 $1,809,143 $(158)$1,749,179 
All mortgage-backed securities included in the above table were issued by U.S. government agencies and corporations. The carrying value of held-to-maturity securities pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law was $252.0 million and $642.3 million at March 31, 2022 and December 31, 2021, respectively. Accrued interest receivable on held-to-maturity securities totaled $10.0 million and $18.4 million at March 31, 2022 and December 31, 2021, respectively and is included in accrued interest receivable and other assets in the accompanying consolidated balance sheets.
From time to time, we have reclassified certain securities from available for sale to held to maturity. The net unamortized, unrealized gain remaining on transferred securities included in accumulated other comprehensive income in the accompanying balance sheet totaled $2.3 million ($1.8 million, net of tax) at March 31, 2022 and $2.5 million ($2.0 million, net of tax) at December 31, 2021. This amount will be amortized out of accumulated other comprehensive income over the remaining life of the underlying securities as an adjustment of the yield on those securities.
The following table summarizes Moody's and/or Standard & Poor's bond ratings for our portfolio of held-to-maturity securities issued by States and political subdivisions and other securities as of March 31, 2022 and December 31, 2021:
States and Political Subdivisions
Not Guaranteed or Pre-RefundedGuaranteed by the Texas PSFPre-RefundedTotalOther
Securities
March 31, 2022
Aaa/AAA$91,034 $467,039 $471,183 $1,029,256 $ 
Aa/AA107,898   107,898  
Not rated    1,500 
Total$198,932 $467,039 $471,183 $1,137,154 $1,500 
December 31, 2021
Aaa/AAA$92,379 $460,648 $563,251 $1,116,278 $ 
Aa/AA
104,295   104,295  
Not rated    1,500 
Total$196,674 $460,648 $563,251 $1,220,573 $1,500 
9

The following table details activity in the allowance for credit losses on held-to-maturity securities during the three months ended March 31, 2022 and 2021.
Three Months Ended
March 31,
20222021
Beginning balance$158 $160 
Credit loss expense (benefit) (2)
Ending balance$158 $158 
Securities - Available for Sale. A summary of the amortized cost, fair value and allowance for credit losses related to securities available for sale as of March 31, 2022 and December 31, 2021 is presented below.
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance
for Credit
Losses
Estimated
Fair Value
March 31, 2022
U.S. Treasury$